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Tuesday, May 16, 2017

Bitcoin Transaction Fees Surpass $1 For First Time Ever

For the first time in Bitcoin’s spectacular and controversial history, the cost of doing a Bitcoin transaction has easily passed the $1 mark, limiting the effectiveness of using Bitcoin for many transactions.

Everyone is talking about Bitcoin. Whether it is Bitcoin acceptance in Japan, or Bitcoin’s market cap approaching $30 Billion, or the Bitcoin price nearing the $2000 summit. As we let the good time roll, no one is bringing up the creature in the shadows, and that is the costs of doing business. Nowadays, the cost of sending a Bitcoin has skyrocketed to new heights, according to 21.co

Five years ago, you could send a Bitcoin transaction for less than a penny. However, a Bitcoin transaction today, on average, costs over 60000 Satoshi’s which are millionths of a Bitcoin. As of this writing, this converts into $1.11 USD, an all-time record.

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